Insulet (NSDQ:PODD) this evening reported fourth-quarter results that came in ahead of the Wall Street consensus forecast amid strong sales growth.
The Acton, Massachusetts–based maker of Omnipod insulin delivery systems posted profits of $29.2 million, or 42¢ per share, on sales of $307.7 million for the three months ended Dec. 31, 2021, for a massive bottom-line gain from losses of $17.1 million the year prior on sales growth of 25%.
Insulet’s earnings per share of 42¢ came in 10¢ ahead of projections on Wall Street, where analysts were looking for sales of $301.1 million.
The company brought in $275.8 million in revenues for its Omnipod insulin delivery platform for the quarter, representing a 19.3% increase. Insulet just last month received FDA clearance for the next-generation Omnipod 5 and is amid a limited launch of the platform.
“2021 was another successful year for Insulet, as we reached an important milestone of over $1 billion in revenue and advanced our strategic priorities,” Insulet President and CEO Shacey Petrovic said in a news release. “We entered 2022 with significant momentum and expect continued strong growth. We are incredibly excited about the commercial launch of Omnipod 5, which is a transformative technology offering users award-winning innovation, improved outcomes and quality of life. Our commitment to improving the lives of people with diabetes has never been stronger.”
Insulet projects revenue growth to range between 12% and 16% for the full year 2020, with an increase of between 15% and 20% expected for Omnipod platform sales.
PODD shares were down 3.8% at $222 per share after the market closed today.